Earlier this week, the Downtown News reported that the Los Angeles Marriott Downtown, which had been in foreclosure, was purchased by Shenzhen New World Group, a Chinese developer. According to the paper, the "owners will soon embark on a major renovation following the guidelines of the Marriott company improvement model. The upgrades are expected to cost between $12 million and $15 million, Lamm said." Down the street, the Holiday Inn is also getting gussied up. [DN]
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